Tuanche Limited announces the receipt of Nasdaq non-compliance notifications regarding the annual meeting and the minimum stockholders’ equity requirements
TuanChe (NASDAQ: TC), a leading automotive marketplace platform in China, received two non-compliance notifications from Nasdaq on January 16, 2025. The first notification concerns the company's failure to hold an annual shareholders' meeting within twelve months of December 31, 2023, as required by Rules 5620(a) and 5810(c)(2)(G).
The second notification relates to non-compliance with Rule 5550(b)(1), which requires maintaining minimum stockholders' equity of $2,500,000. TuanChe reported a stockholder's deficit of ($787,000) as of June 30, 2024, and does not meet alternative listing standards.
The company has 45 days to submit compliance plans. If accepted, TuanChe will have until June 30, 2025 to address the annual meeting issue and 180 days from January 16, 2025 to resolve the equity deficiency. The company plans to seek a home country practice exemption for the annual meeting requirement and will submit a plan to address the equity shortfall.
TuanChe (NASDAQ: TC), una piattaforma leader nel mercato automobilistico in Cina, ha ricevuto due notifiche di non conformità da Nasdaq il 16 gennaio 2025. La prima notifica riguarda la mancanza di un'assemblea annuale degli azionisti entro dodici mesi dalla data del 31 dicembre 2023, come richiesto dalle norme 5620(a) e 5810(c)(2)(G).
La seconda notifica è relativa alla non conformità con la Regola 5550(b)(1), che richiede di mantenere un patrimonio netto degli azionisti minimo di $2.500.000. TuanChe ha riportato un deficit per azionista di ($787.000) al 30 giugno 2024 e non soddisfa i requisiti alternativi di quotazione.
La società ha 45 giorni per presentare piani di conformità. Se accettati, TuanChe avrà tempo fino al 30 giugno 2025 per affrontare la questione dell'assemblea annuale e 180 giorni dal 16 gennaio 2025 per risolvere il deficit patrimoniale. L'azienda prevede di richiedere un'esenzione per le pratiche del paese d'origine per il requisito dell'assemblea annuale e presenterà un piano per affrontare il deficit patrimoniale.
TuanChe (NASDAQ: TC), una plataforma líder en el mercado automotriz en China, recibió dos notificaciones de incumplimiento de Nasdaq el 16 de enero de 2025. La primera notificación se refiere a la falta de celebración de una reunión anual de accionistas dentro de los doce meses posteriores al 31 de diciembre de 2023, como lo exigen las Reglas 5620(a) y 5810(c)(2)(G).
La segunda notificación está relacionada con el incumplimiento de la Regla 5550(b)(1), que exige mantener un patrimonio neto mínimo de los accionistas de $2,500,000. TuanChe informó un déficit de los accionistas de ($787,000) al 30 de junio de 2024, y no cumple con los estándares alternativos de cotización.
La empresa tiene 45 días para presentar planes de cumplimiento. Si son aceptados, TuanChe tendrá hasta el 30 de junio de 2025 para abordar el tema de la reunión anual y 180 días desde el 16 de enero de 2025 para resolver la deficiencia de capital. La compañía planea solicitar una exención por prácticas en su país de origen para el requisito de la reunión anual y presentará un plan para abordar la falta de capital.
투안츠 (NASDAQ: TC)는 중국의 주요 자동차 시장 플랫폼으로 2025년 1월 16일 나스닥으로부터 두 개의 비준수 통지를 받았습니다. 첫 번째 통지는 2023년 12월 31일로부터 12개월 이내에 연례 주주총회를 개최하지 않았다는 것으로, 이는 규칙 5620(a)와 5810(c)(2)(G)에서 요구하는 사항입니다.
두 번째 통지는 규칙 5550(b)(1)과 비준수 관련으로, 이 규칙은 최소 주주 자본금을 $2,500,000로 유지해야 한다고 요구합니다. 투안츠는 2024년 6월 30일 기준으로 주주 자본금이 ($787,000)의 적자를 기록하였으며 대체 상장 기준을 충족하지 않습니다.
회사는 준수 계획을 제출할 수 있는 45일의 시간이 있습니다. 승인될 경우, 투안츠는 연례 회의 문제를 해결하기 위해 2025년 6월 30일까지, 2025년 1월 16일로부터 180일 이내에 자본 부족 문제를 해결해야 합니다. 회사는 연례 회의 요구에 대한 모국 관행 면제를 요청할 계획이며, 자본 부족 문제를 해결하기 위한 계획을 제출할 것입니다.
TuanChe (NASDAQ: TC), une plateforme leader sur le marché de l'automobile en Chine, a reçu le 16 janvier 2025 deux notifications de non-conformité de la part de Nasdaq. La première notification concerne le non-respect de l'obligation de tenir une assemblée annuelle des actionnaires dans les douze mois suivant le 31 décembre 2023, comme le stipulent les règles 5620(a) et 5810(c)(2)(G).
La seconde notification est relative à la non-conformité avec la règle 5550(b)(1), qui exige le maintien d'un capital minimal des actionnaires de 2 500 000 $. TuanChe a signalé un déficit des actionnaires de ($787 000) au 30 juin 2024 et ne respecte pas les normes d'inscription alternatives.
La société dispose de 45 jours pour soumettre des plans de conformité. Si ces plans sont acceptés, TuanChe aura jusqu'au 30 juin 2025 pour résoudre le problème de l'assemblée annuelle et 180 jours à partir du 16 janvier 2025 pour remédier au déficit de capital. L'entreprise prévoit de demander une exemption pour les pratiques du pays d'origine concernant l'exigence de l'assemblée annuelle et soumettra un plan pour régler le déficit de capital.
TuanChe (NASDAQ: TC), eine führende Plattform für den Automobilmarkt in China, erhielt am 16. Januar 2025 zwei Mitteilungen über Nichteinhaltung von Nasdaq. Die erste Mitteilung betrifft das Versäumnis des Unternehmens, innerhalb von zwölf Monaten nach dem 31. Dezember 2023 eine jährliche Hauptversammlung der Aktionäre abzuhalten, wie es in den Regeln 5620(a) und 5810(c)(2)(G) vorgeschrieben ist.
Die zweite Mitteilung bezieht sich auf die Nichteinhaltung von Regel 5550(b)(1), die die Aufrechterhaltung eines Mindestkapitals der Aktionäre von 2.500.000 $ erfordert. TuanChe meldete zum 30. Juni 2024 ein Defizit im Eigenkapital von ($787.000) und erfüllt nicht die alternativen Zulassungsstandards.
Das Unternehmen hat 45 Tage Zeit, um Pläne zur Einhaltung vorzulegen. Wenn diese akzeptiert werden, hat TuanChe bis zum 30. Juni 2025 Zeit, um das Problem der Hauptversammlung zu lösen, und 180 Tage ab dem 16. Januar 2025, um das Eigenkapitaldefizit zu beheben. Das Unternehmen plant, eine Befreiung von den Anforderungen der Hauptversammlung für die Praktiken im Heimatland zu beantragen und wird einen Plan zur Behebung des Eigenkapitalfehlbetrags einreichen.
- Company plans to submit compliance plans within required timeframe
- Potential exemption from annual meeting requirement through home country practice
- Stockholder's deficit of $787,000 reported as of June 30, 2024
- Non-compliance with Nasdaq's minimum $2.5M stockholders' equity requirement
- Failure to hold required annual shareholder meeting
- Risk of potential delisting if compliance is not achieved
Insights
The dual Nasdaq non-compliance notifications received by TuanChe present substantial risks to its listing status and investor interests. The reported stockholders' deficit of
The compliance challenges are particularly concerning for several reasons:
- The stockholders' equity deficit indicates deeper financial stress, as the company fails to meet alternative listing criteria through market value or operational profitability
- The 180-day compliance window for the equity requirement creates immediate pressure for capital raising in a challenging market environment
- While the company may obtain exemption from the annual meeting requirement through foreign private issuer status, the equity deficit represents a more fundamental challenge requiring substantial financial restructuring
- The combination of these issues could impact the company's ability to maintain institutional investor confidence and access to capital markets
For investors, these notifications signal elevated risks: potential dilution if the company pursues equity financing to meet requirements, increased compliance costs and the possibility of a forced delisting if remediation efforts fail. While TuanChe's strategy to leverage its foreign private issuer status for the annual meeting requirement shows pragmatic thinking, the more critical focus must be on addressing the substantial equity deficit within the prescribed timeframe.
The situation requires careful monitoring as it evolves, particularly regarding the company's compliance plan submission and any subsequent capital raising initiatives that could significantly impact shareholder value.
BEIJING, China, Jan. 23, 2025 (GLOBE NEWSWIRE) -- TuanChe Limited (“TuanChe,” “Company,” “we,” or “our”) (NASDAQ: TC), a leading automotive marketplace platform in China, announced today that on January 16, 2025, it received two notification letters from the Nasdaq Listing Qualifications Staff of The NASDAQ Stock Market LLC (“Nasdaq”). The letters notified the Company of its non-compliance with the annual meeting requirement and the minimum stockholders’ equity requirement, as outlined in the Nasdaq Listing Rules (the “Rules”) for continued listing on the Nasdaq stock exchange.
Under Rules 5620(a) and 5810(c)(2)(G), the Company is required to hold an annual meeting of shareholders within twelve months of the Company’s fiscal year end. The Company has not yet held an annual meeting of shareholders within twelve months of December 31, 2023.
Under Rule 5550(b)(1), the Company is required to maintain a minimum of
Under the Rules, the Company has 45 calendar days to submit a plan to regain compliance. If the plan is accepted, the Company will be granted an exception until June 30, 2025 to cure the annual meeting deficiency and up to 180 calendar days from January 16, 2025 to cure the minimum stockholders’ equity deficiency.
The Company, as a foreign private issuer, plans to follow its home country practice and seek an exemption from the annual general meeting requirement under the Rule 5620(a). Additionally, the Company intends to submit a plan within the required time frame to regain compliance under the Rule 5550(b).
About TuanChe Limited
Founded in 2010, TuanChe Limited (NASDAQ: TC) is China’s leading automotive marketplace platform. TuanChe is dedicated to connecting automotive consumers with manufacturers, dealers, and service providers. By integrating its digital platforms with offline sales events, TuanChe offers comprehensive automotive marketing and transaction services. Through its integrated marketing strategies, TuanChe transforms individual and independent car purchases into large-scale group buying experiences, using an interactive many-to-many model. Furthermore, leveraging its proprietary data analytics and advanced digital marketing system, TuanChe’s online marketing service platform helps industry customers increase the efficiency and effectiveness of their advertising placements. TuanChe is currently exploring ways to enter into the cryptocurrency sector.
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, the Company’s business plans and development, business outlook, which can be identified by terminology such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. Such statements are based upon management’s current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company’s control. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law.
For investor and media inquiries, please contact:
TuanChe Limited
Investor Relations
Tel: +86 (10) 6397-6232
Email: ir@tuanche.com
SOURCE TuanChe Limited
FAQ
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